Given: Complete the Following Questions by Converting Between Traditional Time

question 15

Short Answer

Given: Complete the following questions by converting between traditional time and international time.
-Convert 1215 to traditional time.

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Definitions:

Standard Costing

A cost accounting system that uses pre-determined costs to value the cost of goods sold and assess the performance.

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved, often indicating productivity levels.

Variable Overhead

Costs that vary with the level of production output, such as utilities for a manufacturing plant, which increase with more production.

Labour Rate Variance

The difference between the actual cost of labor and its expected cost based on standards set for production.